Good morning.
Here's your fun fact for the day: In the last two market trading sessions, the FANG stocks-Facebook, Amazon , Netflix and Google-parent Alphabet- have lost a whopping $200 billion in market cap. And IBM's deal to buy Red Hat isn't faring so well either, with IBM shares falling 4%. Investors seemed more concerned about the suspension of stock buybacks than the transformational possibilities of the deal. Goldman Sachs' chief equity strategist tried to give comfort, opining the market sell-off is "overdone." But markets are clearly in an ugly mood.
I mentioned last week that I...Read more ...

Stock Market Selloff is ‘Overdone' and Could Rebound on Buybacks, Goldman Says

With the S&P 500 Index down 9.7% since Oct. 3, Goldman Sachs weighed in to assure rattled investors that things may not be as bad as the last month of market turbulence makes it seem.
The October selloff in U.S. stocks has left the market “oversold,” wrote Goldman chief U.S. equity strategist David Kostin in a note to clients. What's more, help is on the way in the form of corporate buybacks, he wrote.
“The recent sell-off has priced too sharp of a near-term growth slowdown,” Kostin's note read. “We expect continued economic and earnings growth will support a rebound in the S&P...Read more ...

Traders betting against FAANG stocks have made $5.5 billion during the brutal October sell-off

Short sellers betting against FAANG stocks have made more than $5 billion as tech-stock valuations have plunged this month.
The tech-heavy Nasdaq Composite has tumbled 12% in October.
Short sellers, after making billions of dollars, could soon start to buy back FAANG stocks, said S3 Partners , a financial-analytics firm.
Watch Facebook , Apple , Amazon , Netflix , and Google trade live.
Betting against some of this year's best-performing tech stocks - the FAANG basket - has been a money-making machine during the brutal tech sell-off during October.
Short sellers of FAANG stocks, or those...Read more ...

Traders betting against FAANG stocks have made $5.5 billion during the brutal October sell-off

Short sellers betting against FAANG stocks have made more than $5 billion as tech-stock valuations have plunged this month.
The tech-heavy Nasdaq Composite has tumbled 12% in October.
Short sellers, after making billions of dollars, could soon start to buy back FAANG stocks, said S3 Partners , a financial-analytics firm.
Watch Facebook , Apple , Amazon , Netflix , and Google trade live.
Betting against some of this year's best-performing tech stocks - the FAANG basket - has been a money-making machine during the brutal tech sell-off during October.
Short sellers of FAANG stocks, or those...Read more ...